{"id":3006,"date":"2023-12-05T14:42:18","date_gmt":"2023-12-05T14:42:18","guid":{"rendered":"https:\/\/www.gethomeinsurancequotes.com\/blog\/?p=3006"},"modified":"2023-12-06T15:11:20","modified_gmt":"2023-12-06T15:11:20","slug":"florida-homeowners-advance-from-citizens-into-private-companies","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/florida-homeowners-advance-from-citizens-into-private-companies\/","title":{"rendered":"Florida Homeowners Advance From Citizens into Private Companies"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida\u2019s state-backed insurance company, the parent company says in a Tuesday news release.<\/p>\n\n\n\n

Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice is HCI’s largest subsidiary.<\/p>\n\n\n\n

HCI says the policies amount to $196 million of in-force premiums. The assumption of coverage is effective Nov. 21, based upon an approval in September by the Florida Office of Insurance Regulatio<\/a>n<\/a>. More than 70% of policyholders assumed will see savings over the expected renewal offer from Citizens, HCI says.<\/p>\n\n\n\n

Homeowners Choice was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies \u2014 a 74% acceptance rate, HCI says.<\/strong><\/p>\n\n\n\n

Florida’s goal is to further “depopulate” Citizens Property Insurance Corp. by moving policies into private companies.<\/p>\n\n\n\n

HCI says its acceptance rate indicated it was competitive and attractive to the consumers.<\/p>\n\n\n\n

\n

“The strong acceptance rate was the result of Homeowners Choice offering policyholders a competitively priced renewal policy and expanded coverage compared with their existing Citizens policy,” says Paresh Patel, HCI’s chairman and CEO, in a statement.<\/p>\n<\/blockquote>\n\n\n\n

HCI Group’s other subsidiary, TypTap Insurance Co., is expected to assume policies from Citizens Property Insurance Corp. in December and January 2024.<\/p>\n\n\n\n

HCI Group owns subsidiaries including TypTap Insurance, Homeowners Choice, software company Exzeo USA and real estate company Greenleaf Capital LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida\u2019s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,3],"tags":[39,558,937],"class_list":["post-3006","post","type-post","status-publish","format-standard","hentry","category-florida","category-news","tag-florida-home-insurance","tag-florida-insurance-rates","tag-florida-property-insurance"],"yoast_head":"\nFlorida Homeowners Advance From Citizens into Private Companies - Homeowners Insurance Blog<\/title>\n<meta name=\"description\" content=\"Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/florida-homeowners-advance-from-citizens-into-private-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Florida Homeowners Advance From Citizens into Private Companies - 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